Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

April 10, 2015 08:15 ET

March 2015 Housing Starts in Calgary

CALGARY, ALBERTA--(Marketwired - April 10, 2015) - Housing starts in the Calgary Census Metropolitan Area (CMA) were trending at 13,480 units in March compared to 13,106 in February, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of total housing starts.

"Housing starts in Calgary trended upward in March after three months of decline," said Felicia Mutheardy, CMHC's Principal Market Analyst for Calgary. "This increase is mostly attributable to the number of starts in the multi-family sector, particularly apartment units," added Mutheardy.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analyzing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 20,554 units in March, up from 9,631 in February. Actual total housing starts declined marginally year-over-year in March 2015 due to lower single-detached production, while multi-family starts edged slightly higher than March of 2014.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

Follow CMHC on Twitter @CMHC_ca

Additional data is available upon request

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(1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

Tables and a graph are available at the following address: http://media3.marketwire.com/docs/1001222_ENG.pdf

Contact Information

  • Market Analysis Contact:
    Felicia Mutheardy, Principal Market Analyst for Calgary
    (403) 515-3003
    fmuthear@cmhc.ca

    Media Contact:
    Renee Nat, Public Affairs Advisor
    (403) 515-2963
    rnat@cmhc-schl.gc.ca